Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) SVP Sells $52,790.40 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) SVP James Joseph Donovan sold 1,080 shares of Unity Bancorp stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total transaction of $52,790.40. Following the sale, the senior vice president now owns 4,975 shares of the company’s stock, valued at approximately $243,178. This represents a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Unity Bancorp Trading Down 2.6 %

Shares of UNTY stock opened at $49.51 on Friday. Unity Bancorp, Inc. has a fifty-two week low of $25.60 and a fifty-two week high of $51.22. The company has a 50 day moving average price of $45.41 and a 200 day moving average price of $39.59. The stock has a market capitalization of $494.60 million, a P/E ratio of 12.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. Equities research analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a dividend of $0.13 per share. The ex-dividend date was Friday, December 13th. This represents a $0.52 annualized dividend and a yield of 1.05%. Unity Bancorp’s dividend payout ratio (DPR) is 12.81%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on UNTY shares. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $55.00 price target (up from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in shares of Unity Bancorp by 79.3% during the third quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock worth $3,005,000 after buying an additional 39,033 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Unity Bancorp in the 4th quarter valued at approximately $1,247,000. Inspire Investing LLC acquired a new stake in shares of Unity Bancorp in the 4th quarter valued at $845,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Unity Bancorp during the 3rd quarter worth $623,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Unity Bancorp by 34.0% during the fourth quarter. Bank of New York Mellon Corp now owns 40,102 shares of the financial services provider’s stock worth $1,749,000 after purchasing an additional 10,167 shares in the last quarter. Hedge funds and other institutional investors own 42.31% of the company’s stock.

About Unity Bancorp

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.